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Visual21 Nov 2025
Data center suppliers
Yelp (YELP) investor relations material
Yelp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved record Q3 2025 net revenue of $376 million, up 4% year-over-year, with net income of $39.3 million and a 10% margin.
Adjusted EBITDA for Q3 2025 was $98.1 million, representing a 26% margin, with nine-month adjusted EBITDA at $283.5 million.
Growth was driven by Services advertising, especially home and auto (including RepairPal), while RRNO/RR&O categories faced headwinds.
Over 35 new AI-driven features and updates were launched, including enhancements to Yelp Assistant, Yelp Host, and Yelp Receptionist.
Strategic investments in AI-powered tools and product innovation supported revenue growth and operational efficiency.
Financial highlights
Net revenue for Q3 2025 was $376 million (+4% YoY); net income was $39.3 million (+2% YoY); adjusted EBITDA was $98.1 million.
Nine-month net revenue was $1.10 billion (+5% YoY); net income was $107.8 million; adjusted EBITDA was $283.5 million.
Q3 EPS: $0.62 basic, $0.61 diluted; net income margin: 10%; adjusted EBITDA margin: 26%.
Free cash flow for the nine months ended September 30, 2025, was $251.4 million (+33% YoY).
Cash and cash equivalents at quarter-end were $231.1 million; marketable securities: $102.5 million.
Outlook and guidance
Full-year 2025 net revenue guidance updated to $1.460–$1.465 billion.
Full-year 2025 adjusted EBITDA guidance raised to $360–$365 million.
Q4 2025 net revenue and adjusted EBITDA expected to decrease sequentially due to macroeconomic uncertainty and Services seasonality.
Expenses projected to remain consistent with Q3; continued focus on disciplined expense management.
Sufficient liquidity expected for the next 12 months and beyond.
What drives Yelp Host/Receptionist incremental revenue?
Macro impact: Services vs. RR&O segment trends
AI search platforms: expanding data licensing role
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Frequently asked questions
Yelp Inc. (Yelp), is a local-business review website that connects consumers with local businesses in the United States and internationally. Yelp provides reviews, free search through its local directory, and complimentary business profile pages for most of the commercial businesses listed on its platform (Yelp Business Pages). It offers its services through mobile applications for iOS and Android devices. Yelp also provides an order from business functionality to take or purchase products from restaurants and other companies. The company offers various advertising packages for business owners including Promoted Review Ads, Gift Certificates, and enhanced profile upgrades. Yelp Inc. was founded in 2004 and is headquartered in San Francisco, California.
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